payhip.com/b/q5Bln - Links are here early to buy your copy and learn today NEWEST eBook HOW TO $1M - What You Need To Know About Finance In Singapore (New 2023 Edition) 👍 The motivations... ✊ Have you witnessed poor families struggling to make ends meet? Do you know any of them? I do. Maybe you come from one, which is fine because this book was written with you in mind. And you can’t choose where you are born. If you aren’t, then you may or may not know that financial problems in poor families are deeply rooted. They cannot be solved with a lottery ticket win. They cannot be solved by financial literacy lessons in school. It simply lacks empathy, real actionable steps and quite simply, lacks inspiration. In this book, I hope to guide you on what to look out for financially. There are things you must know to play the game of money well in Singapore! The title of $1,000,000 is really to inspire you to aim for a sum of wealth you’ve not seen before (yet). If you are unsure, follow this guide and you will get there. Having said that, if you ask most working professionals in their 40s or 50s now, it’s nothing much. I built up more this $1m by age 35 and I want to share with you the steps and what I now know. I started the website theastuteparent.com back in 2015 to talk about family finances. You will see proper insurance comparisons and ideas about financial freedom on that website. Fast forward to 2019, I created my youtube channel JOSH TAN to explain visually on topics such as investments, property, passive income, business analysis and retirement concepts. Then in 2022 THE JOSH TAN SHOW to podcast on day to day finance topics and simpler concepts. What I’ve learned teaching about finance these years is that authentic sharing is what would help you the most. Inspiration and direction. Something relatable and not plain theory. And definitely not just motivation. In this ebook, I hope to share building up wealth as it should be told to you. (All sales will be part of the $10,000/y JOSH TAN BURSARY to NTU for two deserving students or towards promoting financial literacy) Hope it helps you in your journey - To get your copy today @ $8.90, links are here =) - payhip.com/b/q5Bln
Transport: MRT vs Grab vs Jap Car vs Conti Car House: BTO vs resale HDB vs EC vs Condo vs Landed Food: Hawker/ Coffee Shop vs Foodcourt/ Small eatery vs Restaurant Shopping: Local brand vs Luxury vs Ultra Luxury (need vs want) Holiday: SEA vs Asia vs EU/ US Children: 0 vs 1-2 vs >3 The list probably goes on... but the above determines how much income is needed.
Great video Josh! High expectations will eventually lead to high expenses. So whether one wants to lead a budget, economy, business or first class level of living is their call, just don't impose their own expectations to others.
Contentment makes all the difference. Young people have yet to learn contentment and tend to compare with peers. Old folks learnt to accept their lot in life whether rich or poor and most have a degree of contentment. People with unrealistically high expectations will always be unhappy. Contentment is within oneself and does not depend on circle of friends. Learn contentment and be happy.
all the published statistics on income is inclusive of employer's cpf contribution and bonuses. when we talk about our salary we usually just talk about our base salary, not inclusive of employer's cpf contribution for sure, thats why many people are finding their salary lower than the median.
I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
Thats the same point I am trying to say, if the poster doesn't clarify these at the start, people might come to a wrong conclusion that they are getting way lower than the market rate and then make unfounded demands to their employer or feel extremely unhappy with their current state when in fact they are already in the median.
When asked about the required salary, it often depends on one's age. Similarly, when we pass away, financial needs might seem the highest not because we take anything with us, but because of what we leave behind for those who survive us. 😂 Additionally, there are costs associated with burial ceremonies, especially in certain communities, such as the non-Muslim Chinese community, as I’ve heard.
Been unemployed for almost 3 years. My personal view regarding individual finance is: 1) As of 2022, I need around $2500 to be on the margin. This means no insurance payments, no vacation, very little to no outside meals, very limited entertainment. 2) To be able to invest, maintain insurance and have a bit of emergency funds. I require $3200 3) To unlock "Add-ons" like annual vacation (in SE Asia region), eating out more frequently, shop. I will require $3700. 5) To be truly comfortable and secure, my rule of the thumb is add another 1K for a final amount of $4700. In my unemployment phase, I have gone as low as $2200. But it means deprivation of many aspects of life. I don't go out. I keep much of my lights off, no air con, smaller meal portions, etc. All income thresholds as described above is individual with no dependents.
That is true given u have no commitments and staying with family. If u have a loan or an extra mouth to feed to chalk off, it’s not realistic with that number.
@@muzzplaygames Yes, I’m staying single and childless to cut down on living cost. It’s a decision I made in my teenage years. I’m not an ambitious person. Having a family, always struggling and bending over backwards to raise kids is not something I’m keen to do. Plus now our society is ultra competitive. Environment not suitable for raising families. Unless every member is committed to fighting for rice bowl and constantly stressed. The sandwiched generation stops with me.
It really depends on your attitude towards life/money, some people want simple lives, some people not enough money no matter how much they earn. If you are easily satisfied and lead a simple life, 2-3k is enough.
This amout is not included hdb leh. If u want simple life u need 4.5k-5k. So u dont have to worry about repaying hdb loans and utilities bills. (also, Insurance alone is 1-1.2k liao.) And have leeway for Occasional restaurants and maybe travel once every 1-2years. That is living. Not struggling. Go ntuc no need think/budget.
The idea of 10% rebate on petrol purchasing or any else by using credit card, it comes to believe we gain profit of it..but to own liabilities itself not a profit gain. So this is about lifestyle and how much it cost you overall. 😂
A comment about the chart of distribution of HH income. If its from govt source, typically its (total annual income + employer cpf)/12. So if we are talking about 30k pm its actually only $325k pa for husband + wife + $35k (2 persons' employer cpf). $325k pa = $20kpm for husband and wife assumi g 4 mth bonus.
Hi Ocs, I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
My household income is around 40k per month and my expenses never go beyond 10k per month (excluding insurance/investments which a lot of balance goes to). I think spending 20-30k is beyond comfortable and bordering on luxurious. As you mentioned, we do need to keep an eye on how we spend and what we spend on to prevent ourselves from becoming too used to the good things in life and start chasing that mirage of a successful life according to social media.
Well done, this is the perfect time for you to buffer up and invest well. Retirement by 50 - 55 very very comfortably is highly possible if you do it right
@@DonYang73 I hope so. Unfortunately the reality is that the income is from a single source, so it can be this today and $0 tomorrow. But grasping this reality helps us keep in check what’s the utility of our purchases and forces us to choose comfort over luxury.
Fresh grad making 20k monthly. My buds make a quarter what i make and i dont think one should necessarily change your circle based on pay. Yes it is true the immediate work circle will be ppl who make the same as you but that is a corollary rather than a cause. Who you choose to mix with is a better indicator of who you are than who you happen to mix with. I spend 3k on mortgage and that's really 90% of my total expenses. I save the rest/invest/repay student loan. You are right that it is in the mindset and personal sense of security. I don't think income should change you as a person but i do recognize that it is mostly true. Advice to self: stay true to who you are and discover what kind of a person you are in the process
Thanks for all the sharing, I have seen quite a fair bit of your videos and have learned a thing or two from your sharing. Just want to highlight that I saw some of your recent videos mentioning HLE, a few months ago it was replaced by HFE. Just thought you should know, perhaps to give a more accurate assessment, though I didn't read up about the differences between the two. Cheers!
Interesting that the salary between degree holders and non-degree holders is so much different. Is it a Singapore thing? In my home country, everybody can have a degree if they want (there are about 700-800 universities 😅).
@@lastlightsnet Im curious if the degree u speak off is actually just equivalent to our diploma? I only know this phenomenon about china. Their studies are rigorous(up to standard) yet still useless. Nobody really talked about such thing in other countries....
My family’s recurring combined expenditure is around 8-9k. We live in 5 room HDB, no car, have a baby, have helper, give generous allowances to parents, eat well and travels without financial constraints. I would think $12k after taxes would be a good income for our current life stage, with decent savings for retirement. $6000x2, it’s just about the kind of income degree holders would earn. But honestly, it’s an income that we wouldn’t feel is enough (for ourselves). 人(at least myself)是贪得无厌的 = greedy.
I think you should explain how the gross income is made up of at the start of the video for clarity. If the gross income consists of the employer cpf contribution, aws, bonus and allowance, then the annual income for someone with an gross income of 7K will be just 84K instead of 120K like you mentioned for fresh graduates.
I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Thats why 120k in some sectors. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
It's Been a Long Time my Ex Boss Josh I learnt alot of Great lessons from you back in the old days during 2011. 😎😎😎 Great to see you sharing your knowledge to everyone. Hope you & your family are well. Do send my best regards to your sister ! God Bless You 🙏 😁
Industry plays a huge role. Middle management (degree holder) in special education industry earn around 5.5k. People keep on saying we come in with the heart and passion to serve. But money is important too. And even moe doesn't help to raise our pay when mainstream teachers salary are revised.
@@joshconsultancy Unfortunately, our industry doesn't pay well. One perspective is that the children with special needs are not going to be economically productive to the society. Another perspective is that our industry is too localised and not competitive. Whatever the reason, our industry renumeration has always been suppressed. So in some way it's true that only people with the heart to serve remain but our salary ought to be attractive too to retain our talents.
@@lecherhao86 Thanks for sharing. I already knew it but more ppl need to know the wayang system!!! Rot from top. I see alot of ang moh they expose the kid since young n alot managed to be independent when older. Asians so uneducated they just give up or "hide the kid" and "任命" when baby brain still have chance to develop.
Credit card can be accessible if u deposit money in the bank as fd and use it to secure your loan. Did that when i was a uni student when i had no income.
See, as i said right from the start of your youtube journey, $20-30k is correct for good living. Thats why my retirement income is in that range. And even at that range, make sure you have a buffer.
My mindset currently hate the term SALARY. From the school study to be A+ student, then working to be A+ salary's staff. So this idea made me tired and regret. Should us be taught better idea since school time not to work but to invest or have own business. 😂
@@joshconsultancy i think not all suitable to become an employees, we should start to become a trader/investor/business instead of work under people supervision (company rules), as different people have different skills, interests, and tolerance for risk. Becoming a trader, investor, or entrepreneur allows for more independence, creativity, and potential for financial growth. However, it also comes with its own set of challenges, such as market volatility, financial risk, and the need for self-discipline. It's important for individuals to assess their own strengths and weaknesses to determine the path that best suits them.
I interpret as does not include employer CPF but includes 13mth aws divided by 12. From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax." Hope it helps
I'd say average in the region of S$7K/month is probably alright for a single with your own place, and would like to travel beyond asia at least 1-2 times a year. The narrative will be very different if you have a family with kids.
Singapore is rich culturally and as humans they possess some stunning traits. Money is not so important. It’s other factors that make up riches that mean so much more to me.
Oh yes its been awhile. The BIG7 tech rally caught me by surprise. I probably dont like it even more now based on valuations. Apple and Microsoft are past 32x PE
There will always be “bad money influencers” (people around us) telling us phrases like, “once in a lifetime, you will regret not getting, everyone is doing so, it’s really a must have”. Then these really makes one double think if one is really losing out if one doesn’t get it or if one is not thinking right. From weddings, pregnancy, baby, housing, cars (when we already have world class transport and considerably much affordable option of private hires). Then, naturally, everybody else’s lifestyle would inflate, and being in the same income group, one would just think probably it’s the next most natural progression one should take. This constant lifestyle wants/needs/inflation makes our income never enough and keep us further and further away from early retirement.
Great video, as always. Josh, I have a question if you don’t mind me asking. If ever at one point I (2 kids aged 10 and 6) do decide to take up a job offer and potentially move to Singapore for the longer term with the family, how much of a monthly salary would my family need to draw in order to sustain the cost of living in Singapore? Assuming I have no other income and my family is a single income household.
Thank you for high praise Sounds like you're moving to singapore. Then these are things to consider - cheapest rent (HDB in singapore) is going at $3k/m at least. Condos will go at least $5k/m - international schools are at least $2.5k per child This question doesn't have a definitely answer. If you've a budget currently, you would be able to guess better. Speak to expat communities for more insights. Wishing you the best
I interpret as does NOT include employer CPF 17% but has own 20% coz its gross. It includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
@@joshconsultancy Hi Josh, the reason I asked is I have seen median income tables that have included the employer’s contribution to the CPF as well. This will make median income appear much higher than our take-home wages. Many of us who have gone into business and now shut down our businesses cannot find jobs with salaries anywhere close to that of fresh grads, even if we disregard our decades of work experience. Fresh grads with degrees earning 4K SGD and those in their 30s earning 6K SGD? Many of us with degrees in our 30s, 40s and 50s can barely get jobs paying 2K SGD.
@@Averagebum21why is that so that those old graduates with degree couldn’t land a $2K job? 30,40,50s ,still young so it couldn’t be age discrimination…
@@david888a I had trouble finding a job after 37 when my business was failing. Several of my friends with engineering degrees who have been in middle and senior management are now driving Grab.
Objective of discussion is to bring awareness. Hopefully it explains some things of other walks of life But doesnt mean it is a benchmark and last message "If you feel financially secure" it matters alot already 👌
I have to be blunt. Singaporeans in general want a bit of everything in life. They want good house, good car, get married and have 1-2 kids, want to travel and maybe buy some branded stuff. These goals are very high and with increasing cost of living everywhere in the world, not just Singapore, I find it unrealistic and in fact quite greedy. Why? Because when Singaporeans aren’t able to achieve these wants, they start blaming the government and many become keyboard warriors. So to answer your question, are Singaporeans rich? They are if they’re realistic and not live beyond their means!
Jesus fockin christ! Did you even bother to re-read your own comment before you post it? Wanting good house, good car, get married, have kids, go vacation and buy some branded stuff are very high unrealistic goals. You sure you dont live in zimbabwe or sudan?
Does household income include family with working kids in 20s or 30s that not yet married?, if so if both parents are still working plus the kids, there could be 3-5 working adults in the family.
I think for your first part - yes Second part seldom 3-5working adults. Many a times, one of the parents have retired. Or only left 1 kid at home rest have moved out...
Jai Hinduja. Don't see only for today's expenditure like a grey Rhino. High income above 10K is needed for young families to salt away for the long retirement years.
The recent street interviews on Singaporean's income doesn't seem match with gov statistics. There is impression of individual Singaporean earns above median income (~5k) with these interviews. The household income statistic may not give complete picture of individual's salary pay with the possibilities of 1) high income single person household (e.g 10k a month), they will fall under 50 percentile, this group of people is growing as getting more Singaporean enjoys their single life; 2) median income with more working adults household (e.g. 4 working adutls getting average of 5k a month), this will put them in the last 16% household income group. Personally, I think that comparing household income and expense for individual income group (e.g. the household expense of 10k median household income group) could be give a clearer picture to assess if Singaporean is rich. =D
There is also a single person median which is around $5k for 2022. Wa the data for expenses to compare is almost impossible haha. Many dont keep a tight expense documentation
@@joshconsultancy Thanks for further sharing ya! Keeping track of expenses is the first step to achieve the financial freedom but not many ppl will disclose their personal account book 😄
Objective of discussion is to bring awareness. Hopefully it explains some things of other walks of life But doesnt mean it is a benchmark and last message "If you feel financially secure" it matters alot already 👌
i earn >10k but lowest i only need to spend 800 per month excluding income tax. which means i can survive on my one month pay for a year if i retired and not paying income tax in today money
@@crispusallen3865 yes once u get used to certain lifestyle it will be hard to go back. Despite my income increase over the years i tried to live a frugal lifestyle, but occasionally will buy a big item like phone or smart watch for the functionality of it. like smart watch monitor your health and health is wealth. Other than that to me for example eating at restaurant vs hawker centre, i do not feel the diff and can help hawker uncle and auntie with their livelihood why not. i also enjoy doing my own cooking. thats is also happiness as a choice.
Hey the discussion is to open to dialogue to understand different realities and inspire areas to do self-improvement All the best in your journey and keep moving forward
payhip.com/b/q5Bln - Links are here early to buy your copy and learn today
NEWEST eBook HOW TO $1M - What You Need To Know About Finance In Singapore (New 2023 Edition) 👍
The motivations... ✊
Have you witnessed poor families struggling to make ends meet? Do you know any of them?
I do.
Maybe you come from one, which is fine because this book was written with you in mind. And you can’t choose where you are born. If you aren’t, then you may or may not know that financial problems in poor families are deeply rooted. They cannot be solved with a lottery ticket win. They cannot be solved by financial literacy lessons in school. It simply lacks empathy, real actionable steps and quite simply, lacks inspiration.
In this book, I hope to guide you on what to look out for financially.
There are things you must know to play the game of money well in Singapore!
The title of $1,000,000 is really to inspire you to aim for a sum of wealth you’ve not seen before (yet). If you are unsure, follow this guide and you will get there. Having said that, if you ask most working professionals in their 40s or 50s now, it’s nothing much. I built up more this $1m by age 35 and I want to share with you the steps and what I now know.
I started the website theastuteparent.com back in 2015 to talk about family finances. You will see proper insurance comparisons and ideas about financial freedom on that website.
Fast forward to 2019, I created my youtube channel JOSH TAN to explain visually on topics such as investments, property, passive income, business analysis and retirement concepts.
Then in 2022 THE JOSH TAN SHOW to podcast on day to day finance topics and simpler concepts.
What I’ve learned teaching about finance these years is that authentic sharing is what would help you the most.
Inspiration and direction.
Something relatable and not plain theory.
And definitely not just motivation.
In this ebook, I hope to share building up wealth as it should be told to you.
(All sales will be part of the $10,000/y JOSH TAN BURSARY to NTU for two deserving students or towards promoting financial literacy)
Hope it helps you in your journey - To get your copy today @ $8.90, links are here =) - payhip.com/b/q5Bln
Transport: MRT vs Grab vs Jap Car vs Conti Car
House: BTO vs resale HDB vs EC vs Condo vs Landed
Food: Hawker/ Coffee Shop vs Foodcourt/ Small eatery vs Restaurant
Shopping: Local brand vs Luxury vs Ultra Luxury (need vs want)
Holiday: SEA vs Asia vs EU/ US
Children: 0 vs 1-2 vs >3
The list probably goes on... but the above determines how much income is needed.
Fully agree =)
Great video Josh! High expectations will eventually lead to high expenses. So whether one wants to lead a budget, economy, business or first class level of living is their call, just don't impose their own expectations to others.
Agree with your Chris and thank you for the high praise!
Contentment makes all the difference. Young people have yet to learn contentment and tend to compare with peers. Old folks learnt to accept their lot in life whether rich or poor and most have a degree of contentment. People with unrealistically high expectations will always be unhappy. Contentment is within oneself and does not depend on circle of friends. Learn contentment and be happy.
Love that, well said!
all the published statistics on income is inclusive of employer's cpf contribution and bonuses. when we talk about our salary we usually just talk about our base salary, not inclusive of employer's cpf contribution for sure, thats why many people are finding their salary lower than the median.
Really?! Phew!!
I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies
From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
Thats the same point I am trying to say, if the poster doesn't clarify these at the start, people might come to a wrong conclusion that they are getting way lower than the market rate and then make unfounded demands to their employer or feel extremely unhappy with their current state when in fact they are already in the median.
When asked about the required salary, it often depends on one's age. Similarly, when we pass away, financial needs might seem the highest not because we take anything with us, but because of what we leave behind for those who survive us. 😂 Additionally, there are costs associated with burial ceremonies, especially in certain communities, such as the non-Muslim Chinese community, as I’ve heard.
Been unemployed for almost 3 years. My personal view regarding individual finance is:
1) As of 2022, I need around $2500 to be on the margin. This means no insurance payments, no vacation, very little to no outside meals, very limited entertainment.
2) To be able to invest, maintain insurance and have a bit of emergency funds. I require $3200
3) To unlock "Add-ons" like annual vacation (in SE Asia region), eating out more frequently, shop. I will require $3700.
5) To be truly comfortable and secure, my rule of the thumb is add another 1K for a final amount of $4700.
In my unemployment phase, I have gone as low as $2200. But it means deprivation of many aspects of life. I don't go out. I keep much of my lights off, no air con, smaller meal portions, etc. All income thresholds as described above is individual with no dependents.
Agree with your sharing 👍
Can you share with us a break down of your 2200 per month expenses?
That is true given u have no commitments and staying with family. If u have a loan or an extra mouth to feed to chalk off, it’s not realistic with that number.
@@muzzplaygames Yes, I’m staying single and childless to cut down on living cost. It’s a decision I made in my teenage years. I’m not an ambitious person. Having a family, always struggling and bending over backwards to raise kids is not something I’m keen to do. Plus now our society is ultra competitive. Environment not suitable for raising families. Unless every member is committed to fighting for rice bowl and constantly stressed. The sandwiched generation stops with me.
I believe for one person without loan etc is 2200, but with good quality of lives is around 7-12k per households. 12-20k is luxury
This is free world. Stop complaining. Go out there and compete. You can earn as much as you want perfectly up to you.
I am rethinking what sort of friends' circle should I stick with...😅
its actually ok to change circles at diff stage =)
Ministers 😂
Mix with UHNW people. Maybe can find them at some of the ultra lux new launch show flat..😅
It really depends on your attitude towards life/money, some people want simple lives, some people not enough money no matter how much they earn. If you are easily satisfied and lead a simple life, 2-3k is enough.
Fully agree. Some other comments insist we all need a much bigger number which clearly isnt the case
Agree. That is way sufficient to live simply solo
Only if you are a hermit.
Exactly! I'm having such simple life. Even when my salary goes up, my lifestyle doesn't change.
This amout is not included hdb leh. If u want simple life u need 4.5k-5k. So u dont have to worry about repaying hdb loans and utilities bills. (also, Insurance alone is 1-1.2k liao.)
And have leeway for Occasional restaurants and maybe travel once every 1-2years.
That is living. Not struggling. Go ntuc no need think/budget.
The idea of 10% rebate on petrol purchasing or any else by using credit card, it comes to believe we gain profit of it..but to own liabilities itself not a profit gain. So this is about lifestyle and how much it cost you overall. 😂
A comment about the chart of distribution of HH income.
If its from govt source, typically its (total annual income + employer cpf)/12. So if we are talking about 30k pm its actually only $325k pa for husband + wife + $35k (2 persons' employer cpf).
$325k pa = $20kpm for husband and wife assumi g 4 mth bonus.
Hi Ocs, I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies
From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
If 20-30k per mth, don't spend it all. Good times may not last. Especially for PMETs
astute observation, the final 15 seconds. good job
Thank you for the high praise
40k would be comfortable. But to solve housing problem probably 50k+
What?
My household income is around 40k per month and my expenses never go beyond 10k per month (excluding insurance/investments which a lot of balance goes to). I think spending 20-30k is beyond comfortable and bordering on luxurious. As you mentioned, we do need to keep an eye on how we spend and what we spend on to prevent ourselves from becoming too used to the good things in life and start chasing that mirage of a successful life according to social media.
Fully agree =)
Can get a quick profile? Age and occupation for both?
We’re late 30s, mid level manager in tech & the other finance
@@Raygun84 some naysayers can't believe when I put numbers out there to explain so thank you for openly sharing.
Well done, this is the perfect time for you to buffer up and invest well. Retirement by 50 - 55 very very comfortably is highly possible if you do it right
@@DonYang73 I hope so. Unfortunately the reality is that the income is from a single source, so it can be this today and $0 tomorrow. But grasping this reality helps us keep in check what’s the utility of our purchases and forces us to choose comfort over luxury.
Fresh grad making 20k monthly. My buds make a quarter what i make and i dont think one should necessarily change your circle based on pay. Yes it is true the immediate work circle will be ppl who make the same as you but that is a corollary rather than a cause. Who you choose to mix with is a better indicator of who you are than who you happen to mix with. I spend 3k on mortgage and that's really 90% of my total expenses. I save the rest/invest/repay student loan. You are right that it is in the mindset and personal sense of security. I don't think income should change you as a person but i do recognize that it is mostly true. Advice to self: stay true to who you are and discover what kind of a person you are in the process
Good points raised 👍
“It depends on your circle of friends”… 🤔
Just like the ridout rd neighbours
Wow, what wise advice! Really. 👏
🙏 cya around the channel
Well researched video. Good insights on age and education. Also important to define income as total cash inflow including that from investments.
Thank you for the high praise
Thanks for all the sharing, I have seen quite a fair bit of your videos and have learned a thing or two from your sharing. Just want to highlight that I saw some of your recent videos mentioning HLE, a few months ago it was replaced by HFE. Just thought you should know, perhaps to give a more accurate assessment, though I didn't read up about the differences between the two. Cheers!
You are right. Thanks for pointing it out 👍
Depends on how much lifestyle inflation you allow in your life.
Agree
Great video! great words of wisdom!!
Thank you for the high praise
Interesting that the salary between degree holders and non-degree holders is so much different. Is it a Singapore thing? In my home country, everybody can have a degree if they want (there are about 700-800 universities 😅).
Where are you from curious?
@@joshconsultancy From Japan. Apparently, more than 800 universities in operation. For us, being a degree holder is nothing special. 😅
@@lastlightsnet
Im curious if the degree u speak off is actually just equivalent to our diploma?
I only know this phenomenon about china. Their studies are rigorous(up to standard) yet still useless. Nobody really talked about such thing in other countries....
@@RonLarhz Diploma is the one you get from polytechnics, right? I'm referring to a university degree, which takes 4 years to complete in Japan.
My family’s recurring combined expenditure is around 8-9k. We live in 5 room HDB, no car, have a baby, have helper, give generous allowances to parents, eat well and travels without financial constraints. I would think $12k after taxes would be a good income for our current life stage, with decent savings for retirement. $6000x2, it’s just about the kind of income degree holders would earn. But honestly, it’s an income that we wouldn’t feel is enough (for ourselves). 人(at least myself)是贪得无厌的 = greedy.
Good points raised. Ive a sharing on expenses coming up soon. Stay tuned
I think you should explain how the gross income is made up of at the start of the video for clarity. If the gross income consists of the employer cpf contribution, aws, bonus and allowance, then the annual income for someone with an gross income of 7K will be just 84K instead of 120K like you mentioned for fresh graduates.
I interpret as does NOT include employer CPF but includes only 13mth aws divided by 12. Not other variable bonuses. Thats why 120k in some sectors. Hope it clarifies
From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
@@joshconsultancy Your interpretation is not the same as from MOM. If you are using MOM figures, then you should use their interpretation.
MOM definition includes employer CPF, other benefits and AWS but excluding bonus
It's Been a Long Time my Ex Boss Josh
I learnt alot of Great lessons from you back in the old days during 2011. 😎😎😎
Great to see you sharing your knowledge to everyone. Hope you & your family are well.
Do send my best regards to your sister ! God Bless You 🙏 😁
Hey! Thank you. Where u working nowadays? Link up on LinkedIn too
@@joshconsultancy I PM u haha
Industry plays a huge role. Middle management (degree holder) in special education industry earn around 5.5k. People keep on saying we come in with the heart and passion to serve. But money is important too. And even moe doesn't help to raise our pay when mainstream teachers salary are revised.
You are in teaching?
@@joshconsultancy Unfortunately, our industry doesn't pay well. One perspective is that the children with special needs are not going to be economically productive to the society. Another perspective is that our industry is too localised and not competitive. Whatever the reason, our industry renumeration has always been suppressed. So in some way it's true that only people with the heart to serve remain but our salary ought to be attractive too to retain our talents.
@@lecherhao86 🙏 noted. Thank you for your efforts
Shame them on social media lor. They want votes mah. 😂😂😂
@@lecherhao86
Thanks for sharing. I already knew it but more ppl need to know the wayang system!!! Rot from top.
I see alot of ang moh they expose the kid since young n alot managed to be independent when older. Asians so uneducated they just give up or "hide the kid" and "任命" when baby brain still have chance to develop.
Credit card can be accessible if u deposit money in the bank as fd and use it to secure your loan. Did that when i was a uni student when i had no income.
Noted!! Interesting tip
also 0 income can be retirees with rich children paying their bills and luxuries, or those that do not report income - e.g. certain investments
See, as i said right from the start of your youtube journey, $20-30k is correct for good living. Thats why my retirement income is in that range. And even at that range, make sure you have a buffer.
Love this content
👍 cya around more
Most are poor in terms of free time available...how about a chart of how much free time Singaporeans have, we will see how poor we are in this side.
My mindset currently hate the term SALARY. From the school study to be A+ student, then working to be A+ salary's staff. So this idea made me tired and regret. Should us be taught better idea since school time not to work but to invest or have own business. 😂
Not everyone is suitable to start a business. There are traits of a successful business owner =)
@@joshconsultancy i think not all suitable to become an employees, we should start to become a trader/investor/business instead of work under people supervision (company rules), as different people have different skills, interests, and tolerance for risk. Becoming a trader, investor, or entrepreneur allows for more independence, creativity, and potential for financial growth. However, it also comes with its own set of challenges, such as market volatility, financial risk, and the need for self-discipline. It's important for individuals to assess their own strengths and weaknesses to determine the path that best suits them.
Just to clarify, does the published data on income include bonuses? I understand it does include employer's CPF contribution.
I interpret as does not include employer CPF but includes 13mth aws divided by 12.
From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
Hope it helps
If one is in his comfort zone, he might not have the motivation to continue do well in his career. That's how silent quitting happens?
Good point
I'd say average in the region of S$7K/month is probably alright for a single with your own place, and would like to travel beyond asia at least 1-2 times a year. The narrative will be very different if you have a family with kids.
Again it depends on life stage now. We will drop expectations once our income drops in older age
just a small suggestion - maybe don't speak directly into the mic, it sounds pretty harsh when you say the letters "P", B", "T".
Noted 👌🏻👍
Depends if I can stay childless, eat caifan and stay relatively healthy till I check into old folk home. Doable. I think.
stay optimistic =)
Singapore is rich culturally and as humans they possess some stunning traits. Money is not so important. It’s other factors that make up riches that mean so much more to me.
My inner circle are all multi millionaires and income is easily in excess of $30k per mth, so the views are largely different
Good for you DY. Have empathy for other walks of life
This discussion has nothing to do with empathy. Otherwise every discussion is about empathy
I really need to show this video to mine HR haha. I’m underpaid
Maybe your company other benefits v good? 😬
Which engineering field paid more than $6K for a fresh grad???????
With no experience, who can demand such salary????
Other fields?
Do these figures include bonuses? Or just gross monthly pay. Might be difficult to account for bonuses and pay structures across different industries
As the income gets higher, typically the bonuses component become bigger. Less focus will be on the gross
I came from watching another of your video on teaching salary. Don't most MOE teachers earn less than the median income?
$10k is household Median income. $5k is individual based on data
Can please make video on US stock market? Is been a while since you mentioned bear market not over..
Oh yes its been awhile. The BIG7 tech rally caught me by surprise. I probably dont like it even more now based on valuations. Apple and Microsoft are past 32x PE
I always asking ppl who complained about cost of living. Is it cost of living too high or your cost of lifestyle too high.
haha nice one =)
There will always be “bad money influencers” (people around us) telling us phrases like, “once in a lifetime, you will regret not getting, everyone is doing so, it’s really a must have”. Then these really makes one double think if one is really losing out if one doesn’t get it or if one is not thinking right.
From weddings, pregnancy, baby, housing, cars (when we already have world class transport and considerably much affordable option of private hires). Then, naturally, everybody else’s lifestyle would inflate, and being in the same income group, one would just think probably it’s the next most natural progression one should take. This constant lifestyle wants/needs/inflation makes our income never enough and keep us further and further away from early retirement.
Valid points 👍
THANK YOU VERY MUCH
No probs. Hope it has useful insights
Great video, as always. Josh, I have a question if you don’t mind me asking. If ever at one point I (2 kids aged 10 and 6) do decide to take up a job offer and potentially move to Singapore for the longer term with the family, how much of a monthly salary would my family need to draw in order to sustain the cost of living in Singapore? Assuming I have no other income and my family is a single income household.
Thank you for high praise
Sounds like you're moving to singapore. Then these are things to consider
- cheapest rent (HDB in singapore) is going at $3k/m at least. Condos will go at least $5k/m
- international schools are at least $2.5k per child
This question doesn't have a definitely answer. If you've a budget currently, you would be able to guess better.
Speak to expat communities for more insights. Wishing you the best
@@joshconsultancy Thanks so much.
No amount of money can let you live without worries. Even the richest people in the world don't live without worries
Agree
BS.
Comparison is the thief of joy!
indeed!
all still young when i was 20+ 3k can lah try asking 40+ one with kids
+Josh Tan - TheAstuteParent May I ask if your figures included the 37% CPF money that will be deducted, or reflected the take-home pay?
I interpret as does NOT include employer CPF 17% but has own 20% coz its gross. It includes only 13mth aws divided by 12. Not other variable bonuses. Hope it clarifies
From MOM "Gross monthly income from work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax."
@@joshconsultancy Hi Josh, the reason I asked is I have seen median income tables that have included the employer’s contribution to the CPF as well. This will make median income appear much higher than our take-home wages.
Many of us who have gone into business and now shut down our businesses cannot find jobs with salaries anywhere close to that of fresh grads, even if we disregard our decades of work experience. Fresh grads with degrees earning 4K SGD and those in their 30s earning 6K SGD? Many of us with degrees in our 30s, 40s and 50s can barely get jobs paying 2K SGD.
@@Averagebum21why is that so that those old graduates with degree couldn’t land a $2K job? 30,40,50s ,still young so it couldn’t be age discrimination…
@@david888a I had trouble finding a job after 37 when my business was failing.
Several of my friends with engineering degrees who have been in middle and senior management are now driving Grab.
Does the per month include bonuses paid once annually and not monthly?
AWS which is 13th month divided by 12. Thats the formula from the govt data published
man i feel poor after seeing the median avg wonder where they get this numbers
Objective of discussion is to bring awareness. Hopefully it explains some things of other walks of life
But doesnt mean it is a benchmark and last message "If you feel financially secure" it matters alot already 👌
whatever money u earn in ur life will go to some strangers in the end either directly or indirectly....
I have to be blunt. Singaporeans in general want a bit of everything in life. They want good house, good car, get married and have 1-2 kids, want to travel and maybe buy some branded stuff.
These goals are very high and with increasing cost of living everywhere in the world, not just Singapore, I find it unrealistic and in fact quite greedy. Why? Because when Singaporeans aren’t able to achieve these wants, they start blaming the government and many become keyboard warriors.
So to answer your question, are Singaporeans rich? They are if they’re realistic and not live beyond their means!
Jesus fockin christ! Did you even bother to re-read your own comment before you post it? Wanting good house, good car, get married, have kids, go vacation and buy some branded stuff are very high unrealistic goals. You sure you dont live in zimbabwe or sudan?
But credit card got annual fees
use the free period or ask for waiver
What is the average monthly income of a university lecturer.
No idea, anyone can chime in?
i filmed this hehe
Nice, You work w Asian boss channel or you are one of the interviewees?
@@joshconsultancy im part of the team they call to film the Singapore interviews. I've also visited them at their office in Gangnam.
I don think the graduate survey is true
Hmm? didnt say it was not true.
Does household income include family with working kids in 20s or 30s that not yet married?, if so if both parents are still working plus the kids, there could be 3-5 working adults in the family.
I think for your first part - yes
Second part seldom 3-5working adults. Many a times, one of the parents have retired. Or only left 1 kid at home rest have moved out...
say i earn sooo less on the age group
See the ending message "if you feel secure" "if you genuinely dont have much financial worries" - aim for that good enough already =)
Just curious to know our world highest paid Ministers how many times higher compare to Singaporeans medium income group?
looks like 18x? But formula is top 1000 less 40%
Jai Hinduja. Don't see only for today's expenditure like a grey Rhino. High income above 10K is needed for young families to salt away for the long retirement years.
The term median is representing the average. U need to look at what does average mean. It means median, mean and mode 😂
Secondary school math trauma😂
The recent street interviews on Singaporean's income doesn't seem match with gov statistics. There is impression of individual Singaporean earns above median income (~5k) with these interviews.
The household income statistic may not give complete picture of individual's salary pay with the possibilities of
1) high income single person household (e.g 10k a month), they will fall under 50 percentile, this group of people is growing as getting more Singaporean enjoys their single life;
2) median income with more working adults household (e.g. 4 working adutls getting average of 5k a month), this will put them in the last 16% household income group.
Personally, I think that comparing household income and expense for individual income group (e.g. the household expense of 10k median household income group) could be give a clearer picture to assess if Singaporean is rich. =D
There is also a single person median which is around $5k for 2022.
Wa the data for expenses to compare is almost impossible haha. Many dont keep a tight expense documentation
@@joshconsultancy Thanks for further sharing ya! Keeping track of expenses is the first step to achieve the financial freedom but not many ppl will disclose their personal account book 😄
That's why govt also releases data on household income per household member. Check it out.
I bo friends haha then how? I dun have any friends at all.
Median income is big numbers with no meaning.
Objective of discussion is to bring awareness. Hopefully it explains some things of other walks of life
But doesnt mean it is a benchmark and last message "If you feel financially secure" it matters alot already 👌
20k would be ok
20k has to be more than ok
Depressing 😢
Hey, dont worry about general numbers too. Improve over yesterday, thats the small aim k =)
sg lucky cost of living low
No degree no talk for average guys like me.
You can shape your destiny 👌🏻
@@joshconsultancy thanks Josh!
新加坡是国富民穷 。。。
No no, work for a better reality
是你穷不是民穷。
Homeless soon😥
no no, work hard for your progress and do your best. All will be ok =)
Thanks Josh. Lot of nonsense out there, no one with valid stats except you
Thank you for the high praise John 🙏
vote wisely...
See it as just salary, lets avoid politics
Ppl who want others to be as lousy as them will always comment "vote wisely".
7k not enough, 2.5k car, groceries +alcohol 3k, makan outside 4K, occasional shopping 3k, grooming 1k, fitness 500, give parent 2k. Exclude travel n big ticket items..
thats lifestyle inflation haha
i earn >10k but lowest i only need to spend 800 per month excluding income tax. which means i can survive on my one month pay for a year if i retired and not paying income tax in today money
7k own car is a struggle
Hahaha. The more you chase riches the deeper and deeper you youll go down the rabbit hole. Remember, happiness is a choice!
@@crispusallen3865 yes once u get used to certain lifestyle it will be hard to go back. Despite my income increase over the years i tried to live a frugal lifestyle, but occasionally will buy a big item like phone or smart watch for the functionality of it. like smart watch monitor your health and health is wealth. Other than that to me for example eating at restaurant vs hawker centre, i do not feel the diff and can help hawker uncle and auntie with their livelihood why not. i also enjoy doing my own cooking. thats is also happiness as a choice.
Only happen in my day dream.
Hey the discussion is to open to dialogue to understand different realities and inspire areas to do self-improvement
All the best in your journey and keep moving forward
Gold diggers aim high.
Eh be constructive la haha